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The group said mortgage finance availability “remains affordable”, supported by the government's Help to Buy scheme, which was utilised in 35 per cent on house sales in the 2017 year to 31 July (2016: 30 per cent).

The average sale price of homes overall rose 3.0 per cent in the year to £260,400 (2016: £252,800) with the average price of a private home up 6.3 per cent to £296,000 and the average price for “social” housing up 12.3 per cent to £130,400.

In the north, private home sales rose 5.7 per cent to £233,300 and the average price for a social home rose 6.1 per cent to £97,900.

In the south, the average price achieved for the private home rose 7.9 per cent to £362,600 and the average price of a social home rose 13.5 per cent to £149.100.

Bellway sold 222 more private homes in 2017 to 7,567 in total and 2016, and 701 more social homes than in 2016 to 2,077.

The group sold 9,644 homes in the 2017 year, up from 8,721 in 2016, which lifted revenues 14.2 per cent to £2.55 billion.

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Bellway is forecasting the average selling price will rise to “around £280,000” in the current financial year, which would reflect an increase of 7.5 per cent and will build 500 more than homes than in 2016, reflecting five per cent volume growth.